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Modo Payments raises $2 million in funding round
Modo Payments, a start-up firm, has raised $2 million in order to expand its payment services business. The funding round was headed by the chief executive officer of Texas Central Partners, Tim Keith. Investors like John Beletic, Jay Kassing and many unidentified executives also participated in the funding round.
According to Bruce Parker, the CEO of Modo Payments, the start-up is expecting to boost its developments in all dimensions through the year 2016. Bruce wanted growth in collections, bookings and also, in work force The start-up firm recorded booking earnings of $1.7 million in 2015, Bruce added. This round comes after the start-up's seed funding of $2 million that ended in 2014.
Modo Payments, started in 2010 with nearly twenty staffs, enables mobile payments and also offers technology to link payment models through the cloud, the DALLAS BUSINESS JOURNAL said. The start-up firm can link constancy payment platform to retailers, enabling clients to utilize their reward points in the firms. Modo Payments christened this payment service as COIN.
The digital payment service was started last spring when the start-up company moved from its main business as a technology developer. The company also intends to introduce fresh services to aid major companies like YouTube and Google to pay their publishers easily. Modo Payments also intends to team up with a payment platform, which contends with Elon Musk's PayPal, for retailers in the US.
Bruce Parker poured in around $250,000 of capital to develop the company in the initial period of four years and his team members sacrificed their time and salary to compete in the industry, the sacrifices that most start-up firms require in the starting phase. This motivation from the team members led Modo Payments to double its customer base each year. The company needs to widen its business portfolio to attract investors around the world.
Meanwhile, Motive Drilling Technologies, another Dallas-based start-up firm, has raised nearly $10.5 million in Series A round, which was headed by GE Ventures and Formation 8, FORTUNE said. In addition, Campbell Soup Co has created a venture capital fund of $125 million to spend in food startups.
The funding from venture capital firms has weakened to $11.3 billion during the last three month period of 2015, a decrease of 32% from the previous quarter, MarketWatch said citing a report from PwC/NVCA MoneyTree. Venture capital firms lost their confidence due to poor evaluations of tech start-up firms and economic downturn globally. Start-up companies like Good Technology and Gilt Groupe sold their assets at far lower prices than their previous lofty valuations. Moreover, mutual funds are limiting their investments in start-ups like Snapchat.
But, Modo Payments expects a bright future in the long run. This funding will help the firm to boost its business services and also allow it to create a presence in the industry.